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Principle Properties
Company Interest as of December 31, 2009 |
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High Quality and Diversified Asset Base
Pengrowth's asset base includes large-scale, long life resources including working interests in six of the nine largest original-oil-in-place pools in the WCSB. At present, our production portfolio is evenly balanced between natural gas and crude oil and liquids with a reserve life of over 10 years on a proved plus probable basis. We have a substantial inventory of current well locations and an undeveloped land base totalling approximately 860,000 net acres. Our focus is to develop projects that represent excellent low cost, low risk drilling opportunities that will provide reserve replacement for Pengrowth for a significant period of time.
Pengrowth's short term focus will be on the continued development of our core interests in the Swan Hills and Judy Creek reef platform where, at our Carson Creek project, we have developed industry leading expertise in horizontal drilling and multi-stage fracturing of tight carbonate reservoirs. Additional focus will be on growing our coalbed methane production in the Horseshoe Canyon, where we have identified numerous drilling locations. In Southern Alberta, Pengrowth has a significant inventory of low cost shallow gas drilling locations that are targeted for development.
Looking forward, we plan on continuing to advance our SAGD project at our Lindbergh property. A pilot project is planned for 2012 with full commercial production anticipated by 2016. We estimate that there are 194 million barrels of recoverable resources at Lindbergh, based on our 100 percent working interest in 1.7 billion barrels of original-oil-in-place. Pengrowth also has a substantial operated presence in Canada's largest shale gas play in the Horn River basin in north-eastern British Columbia where our 113 net sections of land include prospects in both the Muskwa and Evie shale deposits. In addition to our existing assets, we will be looking to fill our medium term inventory gap with both unconventional organic opportunities as well as strategic acquisitions within existing or new core areas.
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